CEO says result was achieved despite intense competition in the market
Tesco has reported a 4.7 per cent like-for-like increase in sales for the first quarter in the UK and Ireland.
The grocery market leader announced that sales for the 13 weeks to 24 May had risen to £15.4bn, while overall group sales were up 4.6 per cent to £16.4bn.
Tesco noted that it had secured increased market share within the period, alongside improved quality and value perception from customers.
Food sales rose 5.9 per cent, with a strong contribution from fresh food, the retailer pointed out. It also launched over 350 new products in the period.
Chef executive Ken Murphy said: “We are pleased with our performance across the first quarter. Our continued commitment to delivering great value, quality and service for our customers has contributed to like-for-like sales growth across all parts of the group.
“In the UK we have continued to see market share gains and increased customer satisfaction across a wide range of measures, a reflection of our powerful value proposition, strong availability and focus on product quality and innovation.”
Murphy did, however, warn that the market remains “intensely competitive”.
